Global sanctions guide

Yes, Italy has a regime for the prevention and prosecution of crimes committed for the purposes of international terrorism under Legislative Decree No. 109/2007, along with the introduction of a new category of criminal collusion for the purposes of international terrorism (art. 270 bis of the Penal Code).

Legislative Decree No 109/2007 provided for the establishment of the Committee for Financial Security (Comitato di Sicurezza Finanziaria — “CSF” or the “Committee”) at the Ministry of Economic and Financial Affairs, whose chairman is the Director General of the Treasury. It is made up of 12 members and includes representatives of the Ministries of the Interior, Economic and Financial Affairs, Justice and Foreign Affairs, the Bank of Italy, the National Commission for Business and the Stock Exchange (“CONSOB”), the Regulatory Authority for the Insurance Sector (“IVASS”), the Police, Carabinieri and Financial Corps and the National Anti- Mafia Directorate. Representatives of the Ministry of Economic Development and the Customs Agency may also be part of the Committee. It is the CSF’s task to prevent terrorist organizations from using the Italian financial system. It coordinates Italy’s efforts to halt the financing of terrorism, and prompts the Ministry of Economic and Financial Affairs to adopt measures freezing the assets of individuals or organizations associated with terrorist organizations.

What is the nature of the sanctions regime in Italy?

The Committee monitors the implementation of EU regulations in this area, supervises the application of the sanctions adopted by the UNSC and approves the proposals for the inclusion of individuals or entities into the list of the Sanctions Committee. Following a recommendation from the Committee, and in order to implement a UNSC measure, the Ministry of Economic and Financial Affairs, together with the Ministry of Foreign Affairs, may adopt interim measures to freeze the assets of individuals or organizations identified by the UN Security Council’s resolutions. The measures in question are administrative/public law measures and are adopted by Decree. This does not preclude the same conduct from amounting to a criminal offence according to the Italian Criminal Code and being prosecuted by the Italian authorities on this basis.

Does Italy maintain a list of sanctioned individuals and entities?

Yes. The Committee operates according to the lists of sanctioned individuals and entities that are based on the international lists. Moreover the CSF may submit to the relevant international EU or UN authorities the request to include certain individuals or entities in the international lists.

Are there any other lists related to sanctions?

No.

Does Italy have a licensing or authorization system in place?

Licences and authorizations are granted by the Committee within the Ministry of Economic and Financial Affairs and the Ministry of Economic Development.

What are the consequences for a breach of sanctions in Italy?

A breach of freezing sanctions adopted by the Ministry of Economic and Financial Affairs in Italy may be sanctioned with a fine ranging from half to twice the value of the financial transaction. No criminal offences arise from such a breach. However, this does not preclude the conduct from being prosecuted by the Italian Authorities as criminal offences.

What are the consequences for a breach of sanctions in Italy?

The Committee for Financial Security (Comitato di Sicurezza Finanziaria — CSF) part of the Ministry of Economic and Financial Affairs. Headquartered in the Palazzo delle Finanze in Rome.

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